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Art Collector to Buy Andy Warhol’s Former Montauk Estate

Eothen, a massive 30 acre compound in Montauk, New York, recently hit the real estate market with a listing of $85 million. The seller of the property, J. Crew CEO Mickey Drexler, purchased the 5.7 acre home for $27 million in 2007 and combined it with a 24 acre horse farm for $12 million in 2010, making it the pricey monument it is today. The property also includes a swimming pool, tennis court and Carl Fisher-designed barns. Gallerist and art collector Adam Lindemann is currently in contract to purchase Warhol’s Former Montauk Estate.

Despite Drexler’s enticing add-ons, Lindemann is only interested in purchasing the six cottage, oceanfront area that is the former Warhol estate. He knew Warhol in the ’80s and is a proud collector of his work. He said, “I’m very lucky to have this opportunity to live out this dream. It’s a work of art.”

Eothen has seen a number of famous faces since being purchased by Warhol and friend Paul Morissey in 1972. The pair often brought their friends Elizabeth Taylor, Mick Jagger, Keith Richards, Liza Minelli, fashion designer Halston, and John Lennon out to the property, which they originally bought for $225,000.

Before Mickey Drexler purchased the estate, The New York Times published a feature “The Unsold Warhol” which discussed the difficulty that Morrissey and dozens of hopeful real estate agents had in selling the property. The current listing brokers are Edward Petrie of Sotheby’s and Paul Brennan of Douglas Elliman.

Warhol purchased the home for investment purposes. Tina Fredericks, the original broker who sold the property to Warhol and Morrissey, mentioned that he didn’t visit very often and said, “He had a lot of problems with the wind, which took his hairpiece off.”